Thank you Peter for your response to my problem & from the Netherlands no less.
And thank you to all the other responsees; who all state about the same thing. However, you took more time to explain the problem & why its doing it & the solution. I just dropped off the starter to be checked & to have it rebuilt if necessary. The Tech at the shop completely agrees with you They are so busy, it won't be done until monday. No matter. I found a heat shield for it too , but it will take at least 1 week to get here, In the mean time I will be re-wireing it. Actually had no choice, I had to cut the thin black wire going to it because I couldn't reach the nut from underneath, nor could I fit the socket & my hand from the top due to the headers. In alittle over a week from now I hope to be able to take it for a ride & re-start it to get home. Thanks again to all, Mike.
The final solution to my re-starting problem is as follows:
1st. of all, the starter & solenoid checked out to be fine. The shop did clean up the armature tho & re-assembeled; at no cost to me. A friend of mine, who was a race car mechanic, came over & changed the wiring set up. Some of you may not like the way it was done, but its working really good. He installed a standard T - series "Ford" solenoid to the firewall area, to the right of the distributor & connected the original wires that went to the starter, to it. He grounded this solenoid by tapping into a neaby ground wire & running a 12Ga wire to the mounting nut & bolt. This was done because the firewall is not metal.
He then attached a new 3 foot, 4Ga. Positive wire, to the Positive terminal of the Ford solenoid & attached the other end to the starters positive terminal He also connected a small 10GA "jumper wire" from the positive terminal of the starter, to the small terminal on the starter nearest the engine block.
I did receive the stock heat shield that I bought off of ebay. To say the least, its a real joke. I made my own out of a piece of stainless steel; 5" X 6". I attached it to the starter by cutting 2 tabs on one end & attaching it to the 2 screws on the rearend of the starter solenoid & hand bending it to a half circle. If anyone is interested in the stock heat shield, you can email me; my email address is in my original post.
For those of you who are wondering why I went this route - its simple. I was going to replace the positive 4GA wire from the battery to the starter, but after getting under the car & trying to track it, I realized it to be next to impossible; if not impossible, after it went over the tranny. Also, when looking up the replacement 4GA wire on line for a 77 corvette, it stated it was 4 foot long. No way. from the battery compartment behind the drivers seat, over the trans & to the starter has to be at least 7 feet or more. If this solution did not correct the "heat splash" problem, then I would have replaced the original positive wire, ran it a different route, but still would have inserted the ford solenoid. In doing it this way, it will be alot easier to get the starter out, if it fails, by just disconnecting the 3 foot positive wire from the ford solenoid & unbolting the starter from below, instead of trying to get the socket onto the nuts from above; between the headers, or cutting the wires, to save the aggravation. Also, my vet is not stock. It has the ground effects, rear spoiler, custom black w/gold metal flake paint, headers, a replaced 350 C.I. bored to 377 & HP beefed up. So I wasn't really concerned about doing it this way.
Again, thanks to all who who responded to my cry for help. And, I hope my way of solving this problem may help someone else.